Renault shares gain on raised targets for alliance with Japanese firm Nissan

PARIS--Shares in French automaker Renault posted strong gains in afternoon trading on Monday after the company said it expected substantial additional savings via its alliance with the Japanese firm Nissan.

A Renault spokeswoman told AFP the group aimed to achieve synergies worth four billion euros (US$5.2 billion) by 2016, more than double the 2011 figure of 1.7 billion euros. Renault shares showed a gain of 4.60 percent to 35.94 euros in late trading, while the Paris CAC 40 index was up by 1.0 percent overall.